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Talabat, a leading food delivery platform in the Middle East and North Africa (MENA), has confirmed that its initial public offering (IPO) in Dubai has been increased to $2 billion following strong investor demand. The company, owned by Germany’s Delivery Hero, is offering 3.493 billion shares, accounting for 15% of its total issued share capital. The IPO is set to mark one of the largest listings on the Dubai Financial Market (DFM) in 2024, underscoring the growing appeal of the region’s stock markets.
The offer price range has been set between AED 1.50 and AED 1.60 per share, valuing Talabat at between AED 34.93 billion ($9.51 billion) and AED 37.26 billion ($10.15 billion). The subscription period for retail investors in the UAE closes on November 27, while professional investors have until November 28. The final offer price will be determined through a book-building process and announced on November 29.
This IPO is driven by the sale of existing shares held by Delivery Hero MENA Holding, Talabat’s sole shareholder. Proceeds from the offering are expected to further strengthen Dubai’s financial market by attracting diverse global investors. Prominent cornerstone investors, including Emirates NBD, the UAE Strategic Investment Fund, Abu Dhabi Pension Fund, and Emirates International Investment Company, have committed a combined AED 918 million ($250 million) to the offering.
Tomaso Rodriguez, CEO of Talabat, expressed optimism about the listing, emphasizing the strong interest from both local and international investors. He highlighted Talabat’s expansive footprint, which includes partnerships with over 65,000 restaurants and grocery businesses across eight countries in the MENA region. The platform serves more than six million active users, a testament to its significant role in the regional food delivery market.
Talabat’s IPO aligns with Dubai’s ongoing efforts to position itself as a global financial hub. The DFM has witnessed a series of high-profile listings over the past two years, reflecting the city’s commitment to diversifying its economy. With this IPO, Dubai aims to further bolster investor confidence and establish itself as a premier destination for major technology and e-commerce listings.
